The 7Ps Playbook
Every entrepreneur that wants to scale successfully and build a profitable company needs a business playbook. An effective playbook provides clear functional responsibilities and a common language for activities, systems, and processes in your business.
Without a playbook, the systems in your business become overly dependent on you or other key employees - including family members. This limits the effectiveness of your business and will deprive you of an organizational environment where teammates collaborate to achieve common goals and objectives.
The 7 Ps Playbook and its corresponding set of tools are designed to provide disruptive successors like you with an understanding of the role you have in leading and managing your business.
Follow these seven plays to grow your business and build a company worth ten times the current revenue, profits, and enterprise value:
Redefine Your Purpose
Plan for your 10x
Redefine Your Products
Develop Your People into A-Players
Set Your Priorities
Build out Your Processes
Measure Your Performance
REDEFINE YOUR PURPOSE
In order to attract top talent and give them a compelling reason to stay, you need to know the WHY of your business. What is your reason for being? “Making a living” might be enough to inspire you personally, but talented people want to join a winning team that is heading someplace significant. A big vision gives your people a chance to achieve their own big goals within the scope of your company’s vision.
Engage your employees on an emotional level by touching their hearts with your sincerity, passion, and purpose.
PLAN FOR YOUR 10X
You cannot scale a business without a plan and alignment from the team around it. Communicating the essential elements of your vision with a clear plan gets you buy-in from investors, employees, and customers. Visions are nothing but hallucinations without plans.
Plans should go beyond financial results and include descriptions of your product or service, brand promises, customer and market analyses, marketing and delivery strategy, and key differentiators from your competition.
REDEFINE YOUR PRODUCTS
Building value in your business relies on building excellence and differentiation into your product or service, but it’s not a guarantee for success. You must couple an excellent product or service with effective marketing. Often, the best product isn’t the one dominating the market - it’s the one with the smarter marketing team.
Improving your product and the way it’s presented gives you the best chance to increase your income, increase your profits, and build a steady stream of contacts that turn into contracts.
DEVELOP YOUR PEOPLE INTO A-PLAYERS
Business problems are people problems. Disruptive successors understand that the most critical ingredient in the success of any business is having the right people. Leading and managing a highly cohesive team that works well together and executes your strategy is key to growth.
A high-performing culture requires amazing people and an intentional culture that maximizes your high-potential employees. Right people, right roles. Aim for effectiveness and efficiency when staffing up, and avoid putting people - including family members - in roles they can’t handle effectively.
SET YOUR PRIORITIES
Priorities enable you to execute your plan with your team of A-Players. The vital interlocking elements of objectives, desired results, data and metrics, communication, accountabilities, and time management must be balanced for maximum efficacy.
Utilizing prioritization strategies requires a high level of accountability from you and your team. Learn to create a culture of accountability (and avoid Accountability Deficit Disorder) by setting a good example, defining results and expectations upfront, accepting feedback, and enforcing consequences.
BUILD OUT YOUR PROCESSES
An organization should be just that - an organized set of comprehensive methods that make up an entire system. Organizing your business means providing consistency and documentation to onboarding, selling, training, and other procedures so your employees can focus on what they do best.
Develop standardized procedures to create a business that can be run by any qualified individual - giving you more value to potential future buyers.
MEASURE YOUR PERFORMANCE
Disruptive successors understand that professionally-run companies must report financial results to shareholders. Demonstrating your financial performance - including profitability, critical financial ratios, ROI, and KPIs - is necessary for healthy growth.
Start with an understanding of the three basic financial statements - the Income Statement, the Balance Sheet, and the Cash Flow Statement - and move into monitoring ratios, growth rates, and budgets.
The 7 Ps is a circular playbook. You could start with any P and begin building out your business by following the steps around the circle. Schedule a consultation with me today if you want to start working each step to build a company with 10x the revenue and profitability.